Self-Employment Tax Calculator 2024

Calculate your self-employment tax liability at the current 15.3% rate. Includes Social Security and Medicare taxes with wage base limits and business deductions.

SE Tax Calculator

Gross Business Income

Enter your total business income before expenses

Business Expenses (Optional)

Enter deductible business expenses to calculate net profit

Other W-2 Employment Income

W-2 wages subject to Social Security tax (affects SE tax calculation)

Calculation Type

Choose regular method for most self-employed individuals

SE Tax Calculation Results

Enter your business income and expenses to calculate your self-employment tax liability, including Social Security and Medicare components.

Total Self-Employment Tax $0

Net Self-Employment Income $0

SE Tax Rate 15.3%

Deductible SE Tax (50%) $0

Self-Employment Tax Breakdown

Social Security Tax (12.4%) $0

Medicare Tax (2.9%) $0

Additional Medicare Tax (0.9%) $0

2024 Social Security Wage Base

The Social Security tax rate of 12.4% applies to net self-employment income up to $168,600 for 2024. Income above this limit is not subject to Social Security tax but remains subject to Medicare tax.

Additional Medicare Tax

An additional 0.9% Medicare tax applies to self-employment income exceeding $200,000 for single filers or $250,000 for married filing jointly. This is in addition to the regular 2.9% Medicare tax.

Frequently Asked Questions

What is the self-employment tax rate for 2024?

The self-employment tax rate is 15.3%, consisting of 12.4% for Social Security and 2.9% for Medicare. This rate applies to net self-employment income up to the Social Security wage base of $168,600 for 2024.

Can I deduct business expenses before calculating SE tax?

Yes, you calculate self-employment tax on your net profit (gross income minus business expenses). Legitimate business expenses reduce your self-employment income and therefore your SE tax liability.

How does the deductible portion of SE tax work?

You can deduct 50% of your self-employment tax as an adjustment to income on your tax return. This deduction reduces your adjusted gross income but not your self-employment tax liability itself.

What if I also have W-2 employment income?

W-2 wages count toward the Social Security wage base limit. If your W-2 wages exceed $168,600, you won't owe Social Security tax on self-employment income, but you'll still owe Medicare tax.

When is self-employment tax due?

Self-employment tax is typically paid through quarterly estimated tax payments. If you expect to owe $1,000 or more in taxes, you should make quarterly payments to avoid penalties and interest.